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The G7 industrial powers pledged on Monday to do "whatever it takes" to restore global economic growth, in free fall from the coronavirus pandemic, which they described as "a human tragedy."

The leaders of Germany, Canada, the United States, France, Italy, Japan and the United Kingdom highlighted the need to join forces and act quickly to tackle the damage, after an extraordinary summit held by videoconference.

"The COVID-19 pandemic is a human tragedy and a global health crisis, which also poses great risks to the world economy," they said in a joint statement.

"We decided to coordinate the measures and do what is necessary, using all the policy tools, to achieve strong growth in the G7 economies and protect ourselves against downside risks," they noted.

The measures aim to "immediately and to the extent necessary support the workers, companies and sectors most affected."

With distortions in the markets due to massive quarantines and travel restrictions, the governments of the world's richest countries are under pressure to demonstrate that they can control the situation.

 "We will coordinate our efforts to delay the spread of the virus, including through appropriate border management measures," they said.

Furthermore, they said they ordered their finance ministers to consult weekly to implement measures and "develop more timely and effective actions." Health ministers will also speak weekly to try to coordinate information to the public and medical knowledge.

The G7 leaders also called on global institutions, such as the International Monetary Fund (IMF), to "quickly" provide financial assistance to countries that need it.

"We are committed to working together with determination to implement these measures to respond to this global emergency," they said.